I bought a bull call spread in INTG.
music selection: “Space Lord” — Monster Magnet
weigh-in: 189.8 +2.2 – too much game day pizza!
INTG is a chart action pick. I like the underlying business but I chose it based on technicals. With shares trading at 119.73, I bought the 115/120 bull call spread with 19NOV2021 expiry for 2.85 a share (17 spreads). I put 4,845 in capital at risk for 47 days. The trade enjoys 1.57% downside protection and needs only .23% price appreciation to be fully in the money. Should that happen, the full profit of 3,655 will be earned which is good for 75.4% or 586% annualized.
With this morning’s market swoon, I have several positions underwater. I had hoped to exit LSI today but can only get about a nickle a share by selling. I’ll hold a few more days and hope for a rally instead.
Devour your prey raptors!